Clifton is the most expensive suburb
Clifton average house price soars as buyers compete for a spot in the sun.
The average selling price for a house in Clifton has soared to R43.9m this year based on sales data. This is more than double the average for Camps Bay, the second most expensive suburb this year on the Atlantic Seaboard in Cape Town, according to the Seeff Property Group.
Only about 20 houses and 5 apartments sell on average each year in this small suburb. Yet, says Jo Lombard, a luxury sales specialist with Seeff Atlantic Seaboard, these achieve on average the highest prices in the country. Propstats data shows that almost R2b in sales were concluded here in the last five years, even having regard to the Covid-lows.
Clifton benefits from a spectacular location between mountain and sea with some of the most exclusive homes in the country. It also has the best Blue Flag beaches which are packed throughout the summer. It is almost impossible to find parking here in the summer, and if you want to spend a day at the beach, you need to come early.
Nettleton Road, perched high up against Lion’s Head, is the most expensive street in South Africa. Offering privacy and unparalleled views over the seaboard, houses here have sold for over R100m.
Current prices range from R69m to R160m, but could reach R200m once the economy and market starts moving again with some vigour, says Lombard.
At least three of the high-end sales over R20m this year were to Gauteng buyers, and a further two to buyers from KZN.
Clifton is not just scenically superior to most other luxury suburbs in the country, but has offered superior returns for property investors. Older houses were bought some years ago and remodelled or demolished to create stunning villas which can compare with some of the best globally, and scenery matched only by areas such as the South of France, adds Lombard.
When it comes to investing in the suburb, he says, the data shows that the sooner you do so, the better as prices continue to climb on the back of strong demand. The scenic setting, views, and limited land space all contribute to the demand, and prices that buyers are willing to pay, not just to purchase, but also to rent a home or apartment here.
Every house sold this year has been above R20m. The highest recorded price was for a villa on Kloof Road which sold for R66m. Lombard says it is an older property, and a renovator’s dream, or you could knock it down and build a spectacular new home.
Further down in the suburb, you will find a choice of bungalows where you can walk straight onto the beach. Recorded sales on Propstats show that prices of up to R28m and R59.95m were paid this year for these bungalows.
On the cliffside of Victoria Road, you will find some of the country’s most sought-after apartment blocks such as Eventide, San Michele and The Beaches, hugging the coast line and offering unobstructed ocean views, adds Lombard.
Over the last year prices of up to R44m and R50m were paid for apartments in Eventide, and up to R37m in San Michele. The highest prices paid ranges to almost R187,000 per square metre. A parking bay of 16sqm also sold for R2.5m.
Writer: Gina Meintjes
